The Australian Securities and Investments Commission (ASIC) has permanently banned former National Bank Australian (NAB) branch manager, Mathew Alwan, from providing financial services as a result of its own investigation which had found that NAB employees were accepting false documents in support of loan applications.
According to ASIC, NAB employees in western Sydney were also falsely attributing loans as having been referred by NAB introducers in order to obtain commissions.
Between 2012 and 2015, Alwan assigned 101 home loans as being referred to NAB by an introducer, causing a total of $186,725 to be paid to the introducer by way of commission. However, ASIC found that in 25 of these loan applications Alwan had given knowingly false or misleading information and documentation.
Additionally, the introducer in question was Alwan’s relative, a fact he did not disclose to NAB and concealed from the bank.
According to the regulator, Alwan also personally lent money to a NAB staff member who reported to him and to a NAB customer while loan applications by each of them were pending approval, creating a conflict of interests.
Alwan has the right to lodge an application for a review of ASIC’s decisions with the Administrative Appeals Tribunal.